San José.– The International Monetary Fund (IMF) launched today its Technical Assistance Center for Central America, Panama, and the Dominican Republic (CAPTAC-DR) in Guatemala City. CAPTAC-DR is the seventh IMF regional technical assistance center (RTAC) worldwide and the second in the Western Hemisphere.

The latest regional technical assistance center will serve Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama.

“This center is an example of strong regional cooperation in Central America, Panama and the Dominican Republic” IMF Deputy Managing Director Takatoshi Kato said. “A region with almost 40 million people has significant economic potential. The Fund is proud to be a partner in the effort to promote regional economic growth and development, and hopes that CAPTAC-DR will serve as an engine to push forward the objective of a more economically cohesive region.”

CAPTAC-DR, with a projected 5-year budget of US$35 million, will be supported with donations from Spain, Mexico, Canada, the Central American Bank for Economic Integration, beneficiary countries, and the IMF. The European Commission, Germany, and the Interamerican Development Bank have expressed their support for this initiative and are examining contributions.